-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P2dBW2Bb6plKuVAaWjO0/otMH7fPRkAwLmAW84bczm3hv+IkJHx6tzxGJw6VDkAf 8IaFfW+mrqm6maQlwSvJ6A== 0000861878-04-000013.txt : 20041019 0000861878-04-000013.hdr.sgml : 20041019 20041018190408 ACCESSION NUMBER: 0000861878-04-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041018 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041019 DATE AS OF CHANGE: 20041018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STERICYCLE INC CENTRAL INDEX KEY: 0000861878 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 363640402 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21229 FILM NUMBER: 041084022 BUSINESS ADDRESS: STREET 1: 28161 NORTH KEITH DRIVE STREET 2: - CITY: LAKE FOREST STATE: IL ZIP: 60045 BUSINESS PHONE: 8473675910 MAIL ADDRESS: STREET 1: 28161 NORTH KEITH DRIVE STREET 2: - CITY: LAKE FOREST STATE: IL ZIP: 60045 8-K 1 body1018.htm Press Release dated October 18, 2004

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 13, 2004


Stericycle, Inc.
(Exact name of registrant as specified in its charter)

 
Delaware
0-21229
36-3640402
 (State or Other Jurisdiction of Incorporation or Organization)
(Commission File Number)
(IRS Employer Identification Number)

28161 North Keith Drive
Lake Forest, Illinois    60045
(Address of principal executive offices including zip code)

(847) 367-5910
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Item 8.01 Other Events

On October 13, 2004 we exercised our option to redeem all of our outstanding 12-3/8% senior subordinated notes due 2009 in the aggregate principal amount of approximately $50.9 million. We will fund this redemption, which will occur in November 2004, by drawing on our revolving credit facility. By the terms of the governing trust indenture, the redemption price will be 106.1875% of the principal amount of the notes redeemed plus accrued interest. We will thus incur a cash redemption premium expense of approximately $3.2 million in connection with the redemption, in addition to payment of accrued interest of approximately $3.2 million. We will also incur approximately $1.1 million in non-cash accelerated amortization of financing fees associated with our senior subordinated notes. A copy of the press release that we issued on October 18, 2004 in connection with the exercise of our option is filed with this Report as Exhibit 99.1.

Item 9.01 Financial Statement and Exhibits

(c) Exhibits

Exhibit
Number

Description

Exhibit 99.1

Press Release dated October 18, 2004.







SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned therunto duly authorized.

  Stericycle, Inc.

  By:  /s/ Frank J.M. ten Brink
 
  Frank J.M. ten Brink
  Executive Vice President and Chief Financial Officer

Dated: October 19, 2004





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Exhibit 99.1

October 18, 2004

STERICYCLE ANNOUNCES EXERCISE OF OPTION
TO REDEEM $50.9 MILLION OF SENIOR SUBORDINATED DEBT

Lake Forest, Illinois, October 18, 2004 - Stericycle, Inc. (NASDAQ:SRCL), announced today that it had exercised its option to redeem all of its outstanding 12-3/8% senior subordinated notes due 2009 in the aggregate principal amount of approximately $50.9 million. Stericycle will fund the redemption in November 2004 by drawing on its revolving credit facility.

By the terms of the governing trust indenture, the redemption price will be 106.1875% of the principal amount of the notes redeemed plus accrued interest. We will thus incur a cash redemption premium expense of approximately $3.2 million in connection with the redemption, in addition to payment of the accrued interest of $3.2 million. We will also incur approximately $1.1 million in non-cash accelerated amortization of financing fees associated with our senior subordinated notes.

Consistent with guidance given during the previous conference calls about the effect on earnings of an optional redemption of our senior subordinated notes, this redemption premium expense and related accelerated amortization of financing fees will reduce our earnings per share for our fourth quarter ended December 31, 2004 by approximately $0.055. We believe this transaction is in the best interest of the shareholders as it will be accretive to earnings in fiscal 2005 and beyond and it will lower Stericycle's cost of capital.

Under the governing trust indenture, our outstanding senior subordinated notes may not be redeemed by us prior to November 15, 2004.

Stericycle provides medical waste collection, transportation, treatment and disposal services and safety and compliance programs to healthcare companies, including hospitals, physician, and dental offices, laboratories and clinics. Medical waste includes single-use disposables such as needles, syringes, gloves and other supplies that have been in contact with blood or other bodily fluids, as well as blood, blood products and other items that could harbor infectious agents.

Stericycle's press releases, SEC filings and other information are available on the Company's website at www.stericycle.com.

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